STOCKS BOOM AND TREASURIES CRUSHED AHEAD OF HUGE GREEK VOTE: Here's What You Need To Know

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Photo: Wikimedia Commons

Two big wins in a row!But first, the scoreboard:

Dow: +144.29
NASDAQ: +40.30
S&P 500: +16.56

And now, the top stories:

  • Obviously it’s still all Greece, Greece, Greece in the news, though there weren’t too many developments. Actually, that’s probably a good thing. There were no new PASOK MPs saying they would vote against austerity. Everyone thinks right now that the big vote will pass. That provided a huge lift to all risk assets. Athens stock surged.
  • Going backwards for a second, there was good data out of Japan. The V-shaped recovery there is ON.
  • In the US, there wasn’t too much data. Case-Shiller came in a hair worse than expected, confirming that the housing double dip is accelerating. Consumer Confidence was weaker than expected. The Richmond Fed — in contravention of recent manufacturing surveys — actually turned higher.
  • The bottom line: It was pure risk on. LinkedIn shares boomed, as the quiet period expired. Treasuries got wrecked, as 10-year yields jumped all the way back up to 3.03%. Commodities rallied. Momentum stocks like Lululemon kept surging. Google unveiled a new social network. The stock rallied. A few financials, like Bank of America and Goldman Sachs lagged the market yet again.
  • One bit of excitement: Chinese stock Spreadtrum briefly got killed on news that Muddy Waters is shorting it, but the stock made up most of its losses.
  • So here we are on the huge of the huge Greek austerity vote. It’s scheduled to happen at 7 AM ET on Wednesday, and of course we’ll be covering LIVE.
  • Click here to see the 19 cities where housing keeps getting killed >

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